Elliott Wave: Nifty Cash 5608 Forecasting:
Large Pattern Unfold: # No change since last update #
Major corrective phase will form in Flat or Triangle patterns. Corrective major Wave 'b Upside is ON. Wave’ b is retraces upside to 80.85% of wave ‘a. Major wave’ a was in complex pattern and wave’ b also in complex patterns. Wave' b is likely in Zigzag pattern internally. To conclude, major wave’ b to complete, the minimum correction of major wave ‘c should be 38.2% of Wave’ a, from the top of wave’ b. Conclusion is that wave' c will be the failure one and will not retrace the entire wave' b.
Medium Pattern Unfold: # No change since last update #
Inside Zigzag pattern, Intermediate Wave' b seen Double -Three combination pattern.Intermediate wave’ b is about to end (Last pattern is On Irregular Flat or a Triangle).
Small Internal Patterns: # No change since last update #
Inside Double -Three combination patterns, Nifty moving in small wave’ b of 2nd pattern (Last pattern is On, Irregular Flat or a Triangle). Still, Wave ‘b moved 136.64% of wave’ a.
After small wave’ b complete, small wave’ c will start downside. To conclude wave ‘c, its must have min 38.2% of wave’ a.
Quick Elliott Wave Views: Short term: # No change since last update #
Small Wave ‘b is still ON.
Quick Mechanical Outlooks: Nifty Cash 5608
Yesterday, Nifty formed doji reversal pattern and closed at marginal 4 points higher. 5568 was the low of doji pattern. So be careful below 5568 level. Mechanically, Nifty is in a +ve bias. Nifty will be negative if fall below 5555 level and close below.
Global cue is in positive, so Nifty likely to open higher. Buyer, hold Nifty with SL 5555. Short seller can short below 5565 level with SL top of today’s high.
Resistance: 5635 / 5660 / 5695.
Support: 5580 / 5545 / 5505.
No comments:
Post a Comment